(TSMC) and Hon Hai Precision Industry Co., whose fortunes are more closely tied to iPhone unit sales-which rose just 2.9% in the March quarter despite a 10th-anniversary iPhone X that was supposed to drive a super-cycle of demand.

Tuesday's announcement marks the first time that Apple has provided a glimpse into how much its shareholders will benefit from a sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress late a year ago. However, it was almost 10 percent down from $796 in the first quarter, a sign that the iPhone X (starting at $999) wasn't driving the majority of sales.

Taiwan Semiconductor Manufacturing Company, a major supplier for the iPhone, reported on April 19 that there is softer demand for smartphone chipsets. Assuming Apple earmarks most of its cash for shareholders, Daryanani expects the company to reduce the number of outstanding shares by 31 percent, or roughly 1.6 billion shares, during the next five years.

The company on Tuesday announced fiscal second-quarter revenues of $61.1bn, beating analyst expectations and representing a 15 per cent year-on-year increase.

During its Q2 earning's call, the company posted record-breaking quarterly revenue figures of $61.1 billion, up 16% from this time previous year.

Apple scored revenue increases in all operating regions compared with the year-ago period, China and Japan scoring the biggest gains in percentage terms.

"Given our confidence in Apple's future, we are very happy to announce that our board has approved a new $100bn share repurchase authorisation and a 16% increase in our quarterly dividend". The company was also reported to be cutting back on the production of iPhone X because of poor sales.

Cook said he continues to believe that China is a "phenomenal country with lots of opportunity" both from a market and app developer point of view. The flagship iPhone model did well for the company, according to Apple CEO Tim Cook's statements.

"Customers chose iPhone X over any other model every week during the March quarter, just as they did in the December quarter", Cook told investors.

Tim Cook said during in the earnings call that Apple is encrypting user data and keeps most of the information on the device so the user is in control.

Apple's India profits grew 20 percent last quarter to hit record revenue, according to the company's latest earning calls. "So we look at China holistically, not only as a market", he noted. Apple said it will also raise its quarterly dividend by 16% to 73 cents per share in its largest jump in six years. Cook also said this was the most popular smartphone in all of China for the quarter and has done well in the market.